The Original Apple Partnership Agreement: A Landmark Document
The original partnership agreement for Apple Computer Inc. is one of the most significant documents in the history of the tech industry. Signed by Steve Jobs, Steve Wozniak, and Ronald Wayne on April 1, 1976, the document established Apple as a partnership and outlined the roles and responsibilities of each founder.
In the early days of Apple, Jobs and Wozniak were the primary creative forces behind the company. Jobs was responsible for marketing and business strategy, while Wozniak designed and built the company`s first product, the Apple I computer. Ronald Wayne, who would later leave the company, was a self-described “jack of all trades” and helped with administrative tasks.
The partnership agreement ensured that each founder had a specific share of the company and outlined how profits and losses would be distributed. Jobs and Wozniak each held 45% of the company, while Wayne held the remaining 10%. The agreement also established that Jobs would be the chairman of the board, Wozniak would be the vice president of engineering, and Wayne would be the secretary and handle administrative duties.
One of the most interesting aspects of the partnership agreement is the section on ownership of intellectual property. The document states that any designs or inventions created by the partners on their own time and outside of Apple`s business would still belong to them personally. However, any designs or inventions created for Apple would become the property of the company.
The original partnership agreement is a reminder of the early days of Apple, when the company was run out of Jobs` garage and had just a handful of employees. It also foreshadows the dynamics that would ultimately lead to Wayne leaving the company after just 11 days. Wayne, who was older than Jobs and Wozniak, was concerned about the financial risk involved in running a startup and ultimately decided to give up his 10% stake in the company in exchange for a payment of $800.
Today, Apple is one of the most successful and valuable companies in the world, with a market cap of over $2 trillion. But the original partnership agreement is a reminder of the humble beginnings of the company, and the vision and dedication of its founders. It`s a landmark document that established the foundation for one of the most influential companies in history.